Sustainable Consumer Behavior and Its Impact on the Luxury Industry
Forsén, Johanna (2019)
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This thesis is a quantitative research of sustainable consumer behavior and its impact on the luxury industry. The objective of this research is to determine how consumers sustainable consumer behavior affects luxury brands, as well as to find out what luxury brands can do to anticipate, prevent and react to such changing consumer behavior. For decades, the luxury industry has been relatively unaffected by recessions and world crises. However, changes lie ahead, as consumers are becoming more aware of their consumption habits and strive to become more sustainable and climate friendly. The research was conducted with both primary and secondary sources. Data collection was carried out with a survey, which included quantitative questions and the option of qualitative answers. The theoretical framework of the thesis was built on theories regarding the luxury industry, sustainable luxury and consumer behavior. In the thesis a SWOT analysis was created to suggest possible answers for the future of luxury goods, in relation to sustainable consumer behavior. The conclusion of the research is that although consumers strive to consume less and to do so more sustainably, the luxury industry has not been as affected by sustainability issues, as have other industries. Behind this lies three main factors: 1) consumers consume Luxury products infrequently. This means that they do not consume such products as often as they do other products. 2) Luxury products, in a certain way, can already be considered sustainable, as they are usually made of high-quality materials that last, and can even gain value over time. 3) The consumption of luxury products is based on an individual’s feeling of want rather than need, which makes luxury products something the consumer sees rather as a reward, than as a necessity. In conclusion, the theoretical framework and the results of the survey correspond to each other. However, future research could deepen research related to consumer behavior and luxury consumption.